Solana Ecosystem’s Orca and Loopscale Merge to Form Formation
1 hours ago
Solana ecosystem decentralized exchange (DEX) Orca and lending protocol Loopscale have announced a merger, with the new entity rebranded as Formation. Luke Truitt, co-founder of Loopscale, will serve as CEO, while Orca’s Christopher Montagano will take on the role of Chief Strategy and Legal Officer. Formation will integrate Orca’s trading infrastructure with Loopscale’s lending and investment vaults, and plans to expand operations into capital-intensive sectors including AI, energy, robotics, and defense. The new entity will launch asset issuance tools and new investment strategies over the next year. Both protocols will continue to underpin the ORCA and xORCA token networks. Since 2021, Orca has recorded over $550 billion in trading volume, and Loopscale has facilitated more than $2 billion in loans. Terms of the transaction were not disclosed. (The Block)
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